Over the 12 month period to September 30 2011, Western Australia’s population grew by 60,700 people, or 2.6%.
Australia’s entire population grew by 319,600 bodies, with 172,500 individuals hailing from overseas.
WA’s resource projects are driving the growth with 14 operations currently producing an annual load of 225 million tonnes of iron ore.
Queensland is enjoying massive growth for the same reason.
In broad terms, WA’s economy is 75% resources based, whilst Queensland is 25% reliant on mining activity.
Many economists believe Queensland’s economy has more stability as it can sustain a decline in commodity demand and prices, due to the strong tourism industry along the east coast and barrier reef areas.
Naturally, all of these extra bodies require somewhere to stay – putting pressure on housing and construction industries in and around Perth, with flow on effects to property prices.
Business activity and discretionary spending is on the rise again in the resource based States – especially WA, and with many resource projects planning to ramp up activity over the next few years, the future looks bright.